https://www.youtube.com/watch?time_continue=2&v=YeD1J8dENDg
The bitcoin lawyer Adam S. Tracy discusses the tax benefits of blockchain and cryptocurrency related companies relocating to Puerto Rico.
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A former competitive rugby player, serial entrepreneur and, trader attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam’s experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives.
Bitcoin website: http://www.bitcoin-lawyer.org
Primary website: http://www.tracyfirm.com
Twitter: https://twitter.com/TracyFirm
Youtube: https://www.youtube.com/channel/UCVOa...
Linkedin: https://www.linkedin.com/in/adamtracy/
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Instagram: @adamtracyattorney
Telegram: @adam_tracy
Skype: @adamtracyesq
Email me: at@tracyfirm.com
TRANSCRIPTION:
Puerto Rico is the new tax haven, and it’s basically part of the United States. Section 933 of the tax code is always provided that income earned by residents of Puerto Rico is not calculable as part of gross income on your taxes. And, Puerto Rico sort of upped the ante with two laws: 1) one is Act 22, which says that you’ll pay zero capital gains on any assets acquired after moving to Puerto Rico. 2) And then Act 20, which says that the corporate tax rate for income earned within Puerto Rico is only four percent. Now if you compare this to the foreign earned income exclusion, you’re actually better off being in Puerto Rico than you are in Caymans, Belize, St. Lucia — you name it — any of your tax havens. And it’s important to note that Puerto Rico is really just the United States with exception of the fact that it has its own tax code. Right? And the ability to move there is based on our immigration laws. So you don’t need any special immigration. You can simply move there because you’re resident or citizen in United States. So it’s a phenomenal opportunity, and it’s sort of a tax holiday, meaning it’ll expire. But for crypto traders and crypto funds the Act 22 exemption, which provides for zero capital gains tax is phenomenal. It’s just phenomenal opportunity. And on the reverse, for companies that are making more than the foreign earned income exclusion — a hundred thousand year — that four percent tax rate is tough to beat, with the exception of renouncing citizenship and moving to some offshore locale permanently, which most aren’t, you know, happy to do. Puerto Rico really provides you with a phenomenal opportunity with Act 20 and 22. So if you have any questions, definitely hit me up TracyFirm.com or at@tracyfirm.com. I’ll talk you soon.
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